Lending Programs

SIDEZ offers two loan programs for new and expanding businesses in Johnson, Alexander and Pulaski, Union and Massac counties.  The programs may be used in conjunction for a maximum amount of $300,000.  All applications require a business plan developed with assistance from a Small Business Development Center or CPA.  Call SIDEZ for more details at 618-745-6307.

Microenterprise & Youth Loan Program (ME&Y)

·The maximum loan amount is $50,000.

·Can be used for machinery, equipment, working capital, land, and building purchase.

·The interest rate for a ME&Y loan is 4.5%.

·There is a $50 non-refundable application fee.

·The borrower is responsible for a 1% closing fee, all filing fees, lien searches, credit reports, title commitments, replacement value insurance and any other associated loan closing costs.

Click here for ME&Y Loan Application


Intermediary Re-lending Loan Program (IRP)

·IRP loans cannot be greater than 75% of the total project cost.

·The maximum loan amount is $250,000.

·Current interest rate at 4.5% (3.5 points below prime as stated in the Wall Street Journal on the day of approval from the Loan Review Committee). Interest will never rise above 7%.  Special interest rate of 3.99% for 5 years when 50% of loan amount funded by local bank (after 5 years, interest rate adjusts to current interest rate at time of loan closing).

·Eligible uses of an IRP loan include land and buildings, machinery and equipment, working capital and refinancing.

·Loans cannot be used for agricultural production or loan guarantees.

·There is a $100 non-refundable application fee.

·The borrower must also pay closing fees of $500 and all loan closing costs including legal fees, filing of UCC forms, and any other direct costs associated with the loan.

Click here for IRP Loan Application